July 15, 2022

Company name:
Representative:

ES-CON JAPAN Ltd.
Takatoshi Ito, President &Representative Director(TSE Prime Market, code: 8892)

Notice Concerning Administrative Disposition
Against ES-CON ASSET MANAGEMENT Ltd.
Following a review in mid-January 2022, the Securities and Exchange Surveillance Commission
made the recommendation to the Prime Minister and the Financial Services Agency to impose anadministrative disposition on ES-CON ASSET MANAGEMENT Ltd. (hereinafter, “EAM”), a
subsidiary of ES-CON JAPAN Ltd. EAM today acknowledged its failure to administer in good faith
investments on behalf of ESCON JAPAN REIT Investment Corporation (hereinafter, “EJR”), forwhich EAM manages assets. The Commissioner of the Financial Services Agency has implemented
the administrative disposition, which consist of injunctions to suspend business operations and to
institute improved practices pursuant to Article 51 and Article 52, Paragraph 1 of the Financial
Instruments and Exchange Act.
ES-CON JAPAN would like to express its sincere apologies to investors and to all other affectedparties for the considerable concern and inconvenience caused by this matter.
As the parent company of EAM and the main sponsor of EJR, for which EAM serves as asset
manager, we take this administrative disposition on EAM very seriously. We intend to investigate thebackground to and root causes of this matter and will extend every effort to prevent the recurrenceof such events based on thorough enhancement of our approaches to compliance and internal
control of all members of the ES-CON JAPAN Group, not just at EAM, as well as the steadfast
implementation of improvements.
The impact of this incident on the consolidated financial results of ES-CON JAPAN is expected to beminor. We will promptly release any related information identified as subject to disclosure in the future.

* For more information on the administrative disposition imposed on EAM, please refer to the press
release “Notice Concerning Administrative Disposition Against the Asset Manager” (attached),
released today by EJR.
<Inquiries Concerning this Press Release>
Administration Group PR/IR Manager Tel: +81-3-6230-9308

【Attachment】

July 15, 2022
To All Concerned Parties
Investment Corporation
ESCON JAPAN REIT Investment Corporation
Representative:
Atsumu Sasaki, Executive Director(Securities Code: 2971)
Asset Management Company
ES-CON ASSET MANAGEMENT Ltd.
Representative:
Takeharu Kagiyama
President and Representative Director
Inquiries:
Yuki Yoshida
General Manager of the Department of
Finance and Control
TEL: +81- 3-6230-9338
Notice Concerning Administrative Disposition Against the Asset Manager
ES-CON ASSET MANAGEMENT Ltd. (hereinafter, the "Asset Manager"), to which ESCON JAPAN REIT
Investment Corporation (hereinafter, "ESCON REIT") entrusts the management of its assets, received the following
administrative disposition from the Financial Services Agency today, based on Article 51 and Article 52, Paragraph 1 of
the Financial Instruments and Exchange Act (hereinafter, "FIEA").
The Asset Manager takes this administrative disposition very seriously, and all officers and employees will work
diligently on things as set forth in the Business Improvement Order below; the clarification of its management stanceregarding compliance with laws and regulations, etc., the establishment of a responsible environment for controlling legal
compliance and an internal control system by its management team, and review of business operation methods in orderto steadily achieve these objectives.
We sincerely apologize to our unitholders and all other concerned parties for the great concern and inconvenience wehave caused.
1. Administrative disposition against the Asset Manager(1) Business Suspension Order
Prohibition of entering into new asset management agreements * 1 and prohibition of giving management
instructions concerning the acquisition of real estate (including real estate trust beneficial interests) *2 (from July
15, 2022 to October 14, 2022)*1 The "prohibition of entering into new asset management agreements" prohibits the Asset Manager from entering into any new
asset management agreement during the period from July 15, 2022 to October 14, 2022. It does not apply to the asset management
services that ESCON REIT has entrusted to the Asset Manager.
*2 The "prohibition on giving management instructions concerning the acquisition of real estate (including real estate trust beneficial
interests)" prohibits the Asset Manager from giving management instructions for the acquisition of real estate (including realestate trust beneficial interests) for the period from July 15, 2022 to October 14, 2022. As a result of this prohibition, theacquisition of additional properties by ESCON REIT will be prohibited during the period from July 15, 2022 to October 14, 2022,
but no restrictions will be imposed on the management and operation of assets already owned by ESCON REIT. Therefore, as
described below in 4. Future Outlook, there is no plan to revise ESCON REIT's asset management situation and forecast of
dividends at the moment.

(2) Business Improvement Order

1

(i)

To fully explain the details of this administrative disposition to the Investment Corporation's unitholders
concerning this matter and take appropriate measures.
(ii) In order to realize fair and appropriate business operations as a management company of investment
corporation asset, to clarify its management stance regarding compliance with laws and regulations, etc., toestablish a responsible compliance system and internal control system run by its management team, and toreview its methods of business operation to steadily achieve these objectives.
(iii) To investigate the cause of this incident and then formulate concrete measures to prevent recurrences,including establishing an adequate framework for managing conflicts of interest, such as clarifying theinternal processes for verifying the appropriateness of decision-making concerning the investment
management business.
(iv) aTo clarify where responsibility lies, including that of management, based on the results of this inspection.
(v) To report in writing by August 15, 2022 on the state of response regarding items (i) through (iv) above andto provide written reports as required until all the responses have been completed.

2．Facts leading to the disposition
In the above administrative dispositions, the following were found to be in violation of the "duty of loyalty" stipulated
in Article 42, Paragraph 1 of the FIEA.
(1) Improper attempts to undermine the independence of a real estate appraiser
When the Asset Manager has ESCON REIT acquire real estate owned by interested parties such as the parent
company, it asks a third-party real estate appraiser to appraise the property in question, and determines theacquisition price of said real estate using the appraised value as the upper limit. However, with regard to thethree real estate properties for which the interim report or estimated amount of the appraisal value presented by
the real estate appraiser did not meet the parent company's desired sales price, the Asset Manager prioritized theparent company's desired sales price, communicated it to the appraiser, and lobbied the appraiser to increase theappraisal value so that it would exceed the preferred sales price. Such actions are recognized as improper
approaches to undermine the independence of the real estate appraiser.
(2) Improper real estate appraiser selection process
When requesting real estate appraisals of multiple properties to be acquired from the parent company, theAsset Manager obtained estimates of real estate appraisal values from multiple real estate appraisers byintending to get appraisal values above the parent company's desired selling price, and negotiated with theappraiser who provided the highest estimate (hereinafter, the "said real estate appraiser") among them so thatthe said real estate appraiser would have the lowest appraisal fee compared to the other real estate appraisers.
Furthermore, the Asset Manager selected the said real estate appraiser for the appraisal based on the fact that thesaid real estate appraiser's fee was the lowest while concealing that the said real estate appraiser had provided
the highest estimated real estate value. These actions are regarded as an improper real estate appraiser selection
process to prioritize having ESCON REIT acquire the property at the parent company's preferred price.
3．Response Regarding Business Improvement
The Asset Manager takes this administrative disposition very seriously, and all officers and employees will besincerely committed to the clarification of its management stance regarding compliance with laws and regulations,etc., the establishment of a responsible environment for controlling legal compliance and an internal control systemby its management team, and a review of its business operation methods in order to achieve these objectives as set
forth in the above Business Improvement Order.
The Asset Manager is already working on restructuring the system and organizational changes, etc., to verify theappropriateness of its operations regarding real estate appraisals, including the establishment of these Standards(defined below). The Asset Manager plans to announce a concrete business improvement plan, including the detailsof such efforts, as soon as it is finalized in consultation with and under the guidance of the regulatory authorities.

2(1) Reconstruction of the system to ensure the appropriateness of the Asset Manager's operations regarding realestate appraisals
The Asset Manager recognizes that the causes of being recognized to have violated its "duty of loyalty"
were the governance system where it is difficult to remove the influence of the Sponsor * 1 and theinappropriate business practices to undermine the independence of the real estate appraiser based on theinfluence of the Sponsor. In order to prevent the recurrence of this problem, the Asset Manager has revised its
regulations concerning the ordering of real estate appraisals and newly established the "Property Acquisition
Standards" and "Property Acquisition Operations Manual" (referred to collectively as "the Standards") on
June 22, 2022, with further provisions scheduled to be added in the future, considering the absoluteelimination of arbitrariness and Sponsor's influence on appraisals as its key points, in conjunction withchanges to its governance system through organizational changes, etc.
Through the maintenance of the Standards, etc., the Asset Manager will further examine measures toprevent recurrence under the guidance of the regulatory authorities and will rebuild its system for managing
conflicts of interest related to real estate acquisitions and verify its effectiveness.
*1 The "Sponsor" refers to ES-CON JAPAN Ltd., the wholly-owning parent company of the Asset Manager.
(2) Changes of Organization(i) Transition to a company with Audit and Supervisory Committee (As of June 28, 2022)
We have shifted from a system of one corporate auditor to a system of management and supervision ofbusiness execution by the Board of Directors and the Audit and Supervisory Committee, along with auditing of
the Directors' execution of duties by the Audit and Supervisory Committee. Of the three directors who aremembers of the Audit and Supervisory Committee, two are external directors, one of whom is an attorney from
the Ministry of Finance, and another is a certified public accountant and formerly a partner of KPMG AZSA
LLC. Details of the changes to directors are as follows. For biographies of the directors after the change, pleaserefer to the Appendix【Previous Directors and Auditors】
Representative Director (full time)
Takeharu Kagiyama
Director (full time)
Hiroshi Tokunaga
Director (part time)
Minoru Nakanishi
Auditor (part time)
Hiroyuki Suzuki*1【Current Directors】(As of June 28, 2022)
Representative Director (full time)
Takeharu Kagiyama (Reappointed）
Director (full time)
Hiroshi Tokunaga (Reappointed）
Director (part time)
Minoru Nakanishi (Reappointed）
Director who is a member of the Audit and Supervisory Committee (part time, external director)
Masaki Sakamoto (New)Director who is a member of the Audit and Supervisory Committee (part time, external director)
Hiroshi Matsumoto (New)Director who is a member of the Audit and Supervisory Committee (part time)
Megumi Nakadozono*2 (New)*1 Hiroyuki Suzuki, who concurrently served as the head of the internal audit office and the head of the audit committee officeof the Sponsor, resigned as an auditor of the Asset Manager on June 28, 2022.
*2 Megumi Nakadozono concurrently serves as Executive Officer and General Manager of the Administration Department of
the Sponsor.

(ii) Internal Audit Department has been reorganized into a subordinate organization of the Audit and Supervisory3

Committee (As of June 28, 2022)
By changing the Internal Audit Department from a department directly under the Representative Director
to an organization under the Audit and Supervisory Committee, the Audit and Supervisory Committee will beable to understand the implementation of internal audits in a timely manner and report to the Board of Directors.
Making this change will ensure that internal audits are effective, and enable the steady implementation ofsolutions to issues and improvements that result from the audit results.
(iii) Change of Members of the Investment Committee, etc. (As of June 1, 2022)
In order to ensure the fairness, objectivity, and propriety of the Committee's decision-making, as well as
strengthen checks and balances regarding conflicts-of-interest transactions, and ensure the propriety of theAsset Manager's operations regarding real estate appraisals, the members of the Investment Committee andthe Compliance Committee have been reviewed and changed.
After the review, the structure of the Investment Committee has been changed, adding one external member
to the existing external member, who is a real estate appraiser, with the external member serving aschairperson. The external member who chairs the Investment Committee has been involved in the J-REIT
market since its inception, and has a wealth of experience in management, governance, and investment
management at asset management companies, with extensive knowledge of investment management
decision-making concerning real estate and other assets. The external committee members have veto rights,
and the committee meeting resolution requires the approval of two external committee members. Therefore,
unless the two external committee members approve it, the submission of a proposed acquisition plan for aproperty will be suspended, or the proposal will need to be resubmitted with instructions to make changes tothe proposal. An additional change has been made in order to create a more compliance-conscious structure,adding a new Deputy General Manager of the Compliance Department dedicated to the Asset Manager as amember of the Investment Committee and the Compliance Committee. Details of the changes are as follows.
Please see the Appendix for career summaries of the external committee members.
(a)Investment Committee【Previous Members】
1) Representative Director (chairperson)2) External member (real estate appraiser)
3) General Manager of Reit Asset Management Dept.
4) Division Director of Finance and Control Dept.
5) General Manager of Finance and Control Dept.
6) Compliance Officer

Takeharu Kagiyama
Etsuto Kimura
Atsumu Sasaki
Katsushi Wakayama*1
Yuki Yoshida
Hiroshi Tokunaga【Current Members】(As of June 1, 2022)
1) External member (chairperson）
2) External member (real estate appraiser)
3) Representative Director4)General Manager of Reit Asset Management Dept.
5) Division Director of Finance and Control Dept.
6) General Manager of Finance and Control Dept.
7) Compliance Officer8) Deputy General Manager of Compliance Dept.

Tetsuya Saito
Etsuto Kimura
Takeharu Kagiyama
Atsumu Sasaki
Katsushi Wakayama*1
Yuki Yoshida
Hiroshi Tokunaga
Noboru Kohara*1 Katsushi Wakayama concurrently serves as Executive Officer and General Manager of the Administration Division
Finance & Accounting Dept. of the Sponsor.

4

(b) Compliance Committee【Previous Members】
1) Compliance Officer (chairperson)2) External member (attorney)
3) Representative Director

Hiroshi Tokunaga
Yusuke Aso
Takeharu Kagiyama【Current Members】(As of May 30, 2022)
1) Compliance Officer (chairperson)2) External member (attorney)
3) Representative Director4) Deputy General Manager of Compliance Dept.

Hiroshi Tokunaga
Yusuke Aso
Takeharu Kagiyama
Noboru Kohara(iv) Changes to Directors as of March 24, 2022
Prior to the changes in the structure on June 28, 2022, described in 3. (2)(i) above, the Asset Manager madechanges to its directors as of March 24, 2022, as part of a review of its governance structure. In other words,
prior to the changes on March 24, 2022, two of the three directors of the Asset Manager were concurrently
serving as directors of the Sponsor, and there was one director dedicated full time to the Asset Manager. In
order to review this governance structure and clarify responsibility for the management of the Asset Manager,
the number of directors dedicated to the Asset Manager has been increased from one to two, and Hiroshi
Tokunaga, a compliance officer, has been appointed as a director to further strengthen compliance practices asa high-priority management issue. In addition, we have determined that Minoru Nakanishi, who concurrently
serves as a director of the Sponsor, is qualified to continue as a director of the Asset Manager because of hisrole in making appropriate proposals and expressing opinions based on his knowledge in his position to
overview the entire group, including the Asset Manager, and his role of building a support system focusing on
corporate-related operations of the Asset Manager. Details of the changes are as follows.
【Previous Directors】
Representative Director (full time)
Director (part time)
Director (part time)

Satoshi Omori*1
Takatoshi Ito*2
Minoru Nakanishi*3【Current Directors】(As of March 24, 2022)
Representative Director (full time)
Takeharu Kagiyama (New)Director (full time)
Hiroshi Tokunaga*4 (New)Director (part time)
Minoru Nakanishi*3 (Reappointed)*1 Satoshi Omori resigned as Representative Director of the Asset Manager on March 24, 2022 and resigned from the AssetManager on May 31, 2022.
*2 Takatoshi Ito, who concurrently served as representative director of the Sponsor, resigned as director of the Asset Manager
as of March 24, 2022.
*3 Minoru Nakanishi concurrently serves as Senior Managing Director of the Sponsor.
*4 Hiroshi Tokunaga is a compliance officer of the Asset Manager and has become a director of the Asset Manager since March24, 2022.

(v) Cancellation of placement of private REIT (abolition of the Private Reit Preparation Room as of June 28,2022)
In order to focus on strengthening the internal management system regarding asset management of ESCONREIT and steadily realize the establishment of compliance and internal management systems, the Asset5

Manager has suspended the planned placement of private REIT to reexamine its plans for hasty businessexpansion. As a result, the Private Reit Preparation Room was abolished as of June 28, 2022.
Going forward, we will develop a concrete business improvement plan early, including the measures forbusiness improvement mentioned above, in consultation with and under the guidance of the regulatory
authorities, and all officers and employees will work together sincerely to implement the measures.
4. Future Outlook
There are no revisions to the current forecast of ESCON REIT's asset management situation.

【URL of ESCON REIT: https://www.escon-reit.jp/en/index.html】

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Appendix 1(1) Career summary of current directors (excluding directors who are members of the Audit and Supervisory Committee)
Name
Takeharu Kagiyama

Hiroshi Tokunaga

Minoru Nakanishi

Career summary
April, 1998

Joined Yasuda Trust & Banking Co., Ltd. (present Mizuho Trust &Banking Co., Ltd.）
April, 2002
Deputy General Manager, Real Estate Sales Department II
November, 2003 Deputy General Manager, Real Estate Sales Department III
April, 2008
Deputy General Manager, Real Estate Sales Department II
April, 2012
General Manager, Real Estate Custody Department
April, 2014
General Manager, Osaka Real Estate Department
April, 2017
General Manager, Real Estate Consulting Department
April, 2018
Manager, Mizuho Trust & Banking Co., Ltd.
Seconded to TOBU REAL ESTATE CO., LTD
Deputy General Manager, Asset Business Division and General Manager,
Corporate Sales Department
June, 2018
Management Director
October, 2018
Transferred to TOBU REAL ESTATE CO., LTD, Management Director
June, 2021
Deputy General Manager, the President Office of, Head of ESG
Promotion Group and Head of Health Culture Fostering Team, ES-CON
JAPAN Ltd.
March, 2022
ES-CON ASSET MANAGEMENT Ltd.
President & Representative Director (current position)
April, 1982
Joined Yasuda Trust & Banking Co., Ltd. (present Mizuho Trust &Banking Co., Ltd.）
February, 1985
Transferred to the Real Estate Department and Real Estate Appraisal
Department of the Head Office sequentiallyDecember, 1988 Transferred to Omori Branch, Yokohama Branch and Toyama Branchsequentially
June, 1995
Real Estate Planning Department
April, 1999
Real Estate Investment Advisory Department
April, 2001
Real Estate Custody Department
May, 2004
General Manager, Legal Department and General Manager, Information
Systems Department, Xymax Corporation
September, 2014 Seconded to SG ASSETMAX CO., LTD.
April, 2016
Investment Advisors, Xymax Corporation (secondment)
Compliance Officer
April, 2020
after FIT Co., Ltd.
June, 2021
Administration Division Legal Dept., ES-CON JAPAN Ltd.
ES-CON ASSET MANAGEMENT Ltd. (partial Secondment)
November, 2021 ES-CON ASSET MANAGEMENT Ltd. (from partial to fullsecondment)
Deputy General Manager, Compliance Dept.
January, 2022
General Manager, Compliance Dept. and Compliance Officer (current
position)
March, 2022
Director (current position)
April, 1975
Joined Yasuda Trust & Banking Co., Ltd. (present Mizuho Trust &Banking Co., Ltd.）
April, 2005
Executive Officer, Branch Manager of Osaka Branch
April, 2008
Managing Director, SOKEN CO., LTD.
August, 2011
Joined ES-CON JAPAN Ltd.
June, 2012
Executive Officer, General Manager of Finance & Accounting Department
March, 2013
Director
May, 2013
Director, ES-CON Property Ltd. (current position)

7

Name

Career summary
August, 2013
July, 2014
November, 2014
March, 2015
September, 2016
March, 2017
December, 2019
October, 2020
October, 2021

Director, Management Department, ES-CON JAPAN Ltd. (current
position)
Director, ES-CON ASSET MANAGEMENT Ltd. (current position)
Executive Officer, ES-CON JAPAN Ltd.
Managing Director and Managing Executive Officer, ES-CON JAPANLtd.
Director, ES-CON Living Service Ltd. (current position)
Senior Managing Director and Senior Managing Executive Officer, ESCON JAPAN Ltd. (current position)
Director, ES-CON GLOBAL WORKS Ltd. (current position)
Director, RYOMON Ltd. (current position)
Director, Picasso Ltd. (current position)
Director, Yuki Sangyo Ltd. (current position)
Director, Venus Corporation Ltd. (present Picasso Ltd.)
Director, Cubic Ltd. (present Picasso Ltd.)
Director, Santa Ltd. (present Picasso Ltd.)
Director, Hirano Bussan Ltd. (present Picasso Ltd.)
Director, Aria Ltd. (present Picasso Ltd.)
Director, Eikaku Y.K. (present Picasso Ltd.)(2) Career summary of current directors who are members of the Audit and Supervisory Committee
Name

Masaki Sakamoto

Career summary

April, 1979
July, 1982
July, 1984
July, 1985
July, 1986
May, 1987
April, 1989
July, 1990
June, 1991
July, 1992
July, 1994
July, 1996
July, 2001
July, 2003
August, 2005
July, 2006
July, 2007
October, 2008
August, 2009
July, 2010

Joined Ministry of Finance, Research Division, Taxation Bureau
Coordination Division, financial Bureau
Chief of Naruto Tax Office, Takamatsu Regional Taxation Bureau
Specialist Researcher, Planning and Evaluation Division, Planning
Bureau, Economic Planning Agency
Assistant Director, Coordination Division, Customs and Tariff Bureau,
Ministry of Finance
Second Secretary, Embassy of Japan in East GermanyFirst Secretary, Embassy of Japan in East Germany
Assistant Director, Coordination Division, International Finance Bureau,
Ministry of Finance
Assistant Director, International Capital Division, International Finance
Bureau, Ministry of Finance
Assistant Director, Banking Division, International Finance Bureau,
Ministry of FinanceJapan Development Bank (Senior Research Fellow, New York Office,Japan Securities Research Institute)Counsellor, First Department, Cabinet Legislation Bureau
Director, Examination Division, Inspection Bureau, Financial Services
AgencyDirector, International Division, Planning and Coordination Bureau,
Financial Services Agency
Director, Coordination Division, Inspection Bureau, Financial Services
AgencyFinancial Stability Supervisor, Kinki Finance Bureau
Director, National Life Financial Corporation
Special Counselor, National Life Business Division, Japan FinanceCorporationCounsellor Minister's Office, Ministry of FinanceDirector General, Tokai Local Finance Bureau
8

Name

Career summary

July, 2011
April, 2013
September, 2014
October, 2014
April, 2015
June, 2022

Hiroshi Matsumoto

April, 1979
September, 1984
May, 2000
May, 2007
June, 2008
May, 2013
June, 2018
July, 2019
June, 2020
June, 2022

Megumi Nakadozono

May, 1989
April, 2001
February, 2004
November, 2007
February, 2008
November, 2010
January, 2017
January, 2021
June, 2022

General Manager, General Affairs Department, Deposit Insurance
Corporation of Japan
Director General, Kanto Local Finance Bureau
Registered as attorney（Daiichi Tokyo Bar Association）
Special Advisor, The Resolution and Collection Corporation
Representative Director and Senior Managing Director
Director who is a member of the Audit and Supervisory Committee(external director), ES-CON ASSET MANAGEMENT Ltd. (current
position)
Joined Hitachi Maxell, Ltd. (currently Maxell, Ltd.)
Joined Asahi & Co. (currently KPMG AZSA LLC)
Partner (currently Associate Partner)
Representative Partner (currently Partner)
Personnel Manager, Osaka Office
Auditor, KPMG AZSA Health Insurance Association
Chairperson, National Association of Partners
Representative Director, Hiroshi Matsumoto Certified Public Accountant
Office (current position)
Director who are members of the Audit and Supervisory Committee,
TSURUMI MANUFACTURING CO., LTD. (current position)
Director who is a member of the Audit and Supervisory Committee(external director), ES-CON ASSET MANAGEMENT Ltd. (current
position)
Joined Recruit Co., Ltd.
Joined QUIN LAND Co., Ltd.
Joined as Manager, Corporate Planning Department, BB Net corp.
Joined as Sub-Manager, Public Relations & Investor Relations Office, ESCON JAPAN Ltd.
Manager, Public Relations & Investor Relations Office
Manager, Management Department, Management Headquarters
General Manager, Management Department, Management Headquarters(current position)
Executive Officer (current position)
Director who is a member of the Audit and Supervisory Committee(external director), ES-CON ASSET MANAGEMENT Ltd. (current
position)(3) Career summaries of current external committee members (after June 1, 2022)
Name

Tetsuya Saito

Career summary

April, 1992
March, 2003
February, 2005
July, 2005
June, 2008
December,2010
March, 2011
May, 2013
January, 2015
April, 2015
March, 2017

Mitsui Trust & Banking Co., Ltd. (currently Sumitomo Mitsui Trust
Bank, Limited)
Vice President, Citigroup Private Bank
General Manager, Pacific Management, Inc.
Director, Pacific Commercial Investment Co., Ltd.
President and Representative Director, Pacific Commercial Co., Ltd.
Advisor (part time), Japan REIT Advisors Co., Ltd.
Executive Officer, National Students Information Center Co., Ltd.
Representative Partner, Kamakura Trust Advisors, LLC (current
position)
Advisor, Meijiza Co., Ltd. (current position)
Executive Officer (part-time), DOGAN, Inc.
Director, DOGAN Inc.
9

Name

Career summary

January, 2018
January, 2020
June, 2022
Etsuto Kimura

April, 1988
March, 1991
April, 1993
April, 2001
April, 2002
November,2011
July, 2014
August, 2016

Yusuke Aso

October, 2004
December,2007
April, 2008
July, 2009
August, 2016

Vice President Director, DOGAN Inc.
Vice President and Executive Officer, DOGAN Inc.
External member (chairperson) of the Investment Committee, ES-CONASSET MANAGEMENT Ltd. (current position)
Temporary Center (currently Pasona Co., Ltd.)
Kyoritsu Appraisal Institute Co., Ltd.
Japan Real Estate Institute
Registered as Real Estate Appraiser
U.S. Lone Star Funds Hudson Japan Loan Services Corporation(currently Hudson Japan K.K.)
Redevelopment Appraisal Co., Ltd.
Established Asset Consulting Corporation, Representative Director(current position)
External member (chairperson) of the Investment Committee, ES-CONASSET MANAGEMENT Ltd. (current position)
Admitted to attorney (Daini Tokyo Bar Association), City-Yuwa
Partners
Specialist, Market Division, Planning and Coordination Bureau,
Financial Services Agency
Specialist, Settlement System Enhancement Promotion Office, Planning
Division, Planning and Coordination Bureau, Financial Services
Agency (concurrent position)
Returned to City-Yuwa Partners (current position)
External member (chairperson) of the Investment Committee, ES-CONASSET MANAGEMENT Ltd. (current position)

10